Lady, traditionally identified as Elizabeth Sydenham, Lady Drake by ?

This could very well be a hypothetical portrait of Elizabeth at about the time of her marriage to national hero Sir Francis Drake based on the patriotic flourish of a St. George's cross on her fan.

From www.artfuzz.com/art-Elizabeth-Sydenham-Lady-Drake-50524956545550.

Lady Elizabeth is portrayed more elegantly than in the last portrait. Her straight coiffure, the scoop neckline, and arrow shape of the top of her English farthingale are more appropriate for the first decade of the 1600s.